Net Loss Per Share

12 Months Ended

Dec. 31, 2023

The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding, excluding restricted common stock. The weighted-average number of shares of common stock used in the basic and diluted net loss per share calculation include pre-funded warrants to purchase up to 40,492,923 shares of common stock, as the pre-funded warrants are exercisable at any time for nominal cash consideration. The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Year Ended December 31,
	2023		2022
Stock options to purchase common stock		9,208,970		8,152,093
Shares subject to Employee Stock Purchase Plan		17,200		46,297
Unvested restricted stock units		495,579		550,236
Common warrants		8,427,508		8,427,508
Total		18,149,257		17,176,134